Dogecoin DOGE has a new faux executive team and it is seemingly approved by Tesla Inc TSLA-10.5%+ Free Alerts CEO Elon Musk.

What Happened: Earlier on Tuesday, Dogecoin co-creator Billy Markus posted a tweet addressing meme Twitter handle Greg and informing him that the CEO term for fake Dogecoin company has ended.

Markus said he had consumed a taco and made his decision on the next CEO. In response, Musk proposed himself for the CEO post. 

Markus had a completely different idea. 

The Tesla CEO proposed the name of his dog Floki as his Dogecoin peer appreciating the pet’s judgment.

Kabosu, the dog featured on the original Dogecoin meme, was ultimately declared CEO by Markus.

Markus nominated Musk for the fake Chairman of the board position, while Floki got the nomination for the job of President courtesy Markus. Musk replied with a smiling face emoji in response. 

Why It Matters: Kabosu recently turned 16, the internet icon’s owner keeps the world updated on her through an Instagram account and a blog

In September, the original Dogecoin meme featuring Kobasu, turned into a non fungible token or NFT, surged in value after it was fractionalized into 16.9 billion $DOG ERC-20 tokens.

Earlier, another piece of digital art featuring Kobasu — the “Feisty Doge NFT” — became the world’s most valuable NFT at $110 million.

While Kobasu may be the latest fake Dogecoin CEO, the meme cryptocurrency is associated with the reinvigorated and very real Dogecoin Foundation which includes Markus,  Ethereum co-founder Vitalik Buterin, core developers Ross Nicoll and Michi Lumin among others.

While Musk said this year he was working with Dogecoin developers and is often viewed as a DOGE bull, he made it clear this year that he is not the project’s CEO and his ability to take action is “limited.”